John Wiley & Sons Inc. JWA -0.52% will stay put on New Jersey's waterfront. The international educational publisher has renewed its lease more than two years early for 386,407 square feet of office space at 111 River St. in Hoboken.
Wiley began its search for space five years ahead of the original lease's expiration in 2017, said David Goldstein, executive vice president at Savills Studley, which represented the publisher. The Hoboken office has been Wiley's corporate headquarters since 2002, when it relocated from Manhattan. The 500,000-square-foot building is owned by a subsidiary of Chicago-based Equity Commonwealth.
"When you are a major user of space, you have to be ahead of the pack and have to be in a disciplined process in order to capture as many realistic relocation alternatives as possible," Mr. Goldstein said.
Flexible lease terms, which weren't disclosed, as well as proximity to transportation options such as the buses, trains and ferries played a role in Wiley's decision. The new 15-year lease ends in March 2033.
Savills Studley's team also included Chief Executive Mitch Steir, Executive Vice President Matthew Barlow, Senior Managing Director Daniel Foley and Corporate Managing Director Jason Perla. Executive Vice President David Hollander, Vice Chairman Greg Tosko and Vice President Nick Hilton of CBRE Group Inc. CBG -0.92% represented the landlord.Publisher to Remain in Hoboken Headquarters
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